In February 2025, the Principality of Liechtenstein, a microstate twenty-five kilometers long and twelve kilometers wide that is wedged between Switzerland and Austria, proudly celebrated the eightieth birthday of its reigning prince, Hans-Adam II. This ruler of a mountainous territory with just 41,000 inhabitants has become Europe’s wealthiest monarch — a man whose estimated fortune amounts to $12.6 billion.
Officially, the sovereign has retired from governmental affairs, having transferred his powers to his eldest son, Alois, in 2004. Yet Hans-Adam has left his mark on the history of this small country, transforming its institutions and its economy. In doing so, he has established it as a model for the libertarian right in some of the world’s biggest states.
On the rare occasions when Liechtenstein attracts the notice of the international media, it tends to be the subject of quirky stories about its modest size. In 2007, a small group of Swiss soldiers invaded the country by mistake after getting lost on a training exercise and retreated across the border once they realized where they were. This was one of several accidental incursions by Swiss forces over the years. There is no danger of a war resulting from such mishaps, as Liechtenstein has no army.
Nor does it have an airport, although there is a single railway line, which joins together the Swiss and Austrian networks. The national soccer team is one of Europe’s perennial whipping boys: in their recent World Cup qualifying group, Liechtenstein came last once again, having lost all their games without scoring a single goal. A 2020 quiz from the New York Times highlighted the country’s record of winning ten Olympic medals, all in the field of alpine skiing, and its status as a world leader in the production of false teeth.
Yet Liechtenstein’s significance for global capitalism is much greater than one might imagine from such miscellaneous details. By combining his country’s feudal heritage…
Auteur: Romaric Godin
